Transcatheter Embolization and Occlusion Devices Market is Expected to Register a CAGR of 10.60% to reach USD 10.32 during the forecast period 2022-2030.
Transcatheter Embolization and Occlusion Devices market is projected to reach 10.32 billion at a CAGR of 10.60% by 2030. The transcatheter embolization and occlusion devices market is influenced by the growing number of tumor surgeries and the efficacy of these devices that efficiently avoids complications. Potential surgeons are shifting their surgical patterns toward transcatheter embolization and occlusion devices because of the benefits and variety. For instance, the non-coil segments such as flow diverting devices, and embolization accessories are efficient in carrying out the surgeries and they are commercially available as well. they are considered minimally invasive surgeries that let the patients go to their homes soon after the surgeries. Therefore this reduces the cost of staying at the hospital and other costs.
The transcatheter embolization and occlusion devices market growth is influenced by varied applications such as peripheral vascular diseases, oncology, neurology, and fatal neurological disorders. Moreover, a recent report from the neuro-interventional surgery stated that there are over 140 Guglielmi coils available in the market in varied sizes for various applications, and over 1,25,000 patients were treated using them. such reports are augmenting the overall growth of The transcatheter embolization and occlusion devices industry.
During the COVID 19, the industrial operations were reduced and the medical supplies were not produced to meet the increasing demand. However, with higher regulations, the industries were producing the medical supplies and the medical catheters that are required for the medical treatments. The demand for respiratory support devices, and life-supporting machines was increasing during the pandemic, as the COVID cases were rapidly increasing.
The leading manufacturers of this personal protective equipment were focusing on capitalization of the products and commercialization to ensure the supply meets the rising demand. Therefore the overall growth of the transcatheter embolization and occlusion devices industry was unaffected due to pandemics.
The transcatheter devices are considered safer instruments as they are less invasive and efficient in carrying out the surgeries. They effectively avoid complications and therefore the surgeons are shifting toward the non-coil devices and catheters in recent times.
The utilization of transcatheter embolization devices with the usage of radiology eliminates the surgeries and thereby decreases morbidity or mortality rate. Therefore the patient is also not gone under the knife for smaller ailments. Therefore enhanced medical treatment is provided with the help of this equipment. Such factors are considered the major drivers of the transcatheter embolization and occlusion devices industry.
The presence of a wide range of devices based on the applications that are effective in reducing the rate of surgeries and lead to minimally invasive surgeries and other benefits are presenting lucrative opportunities for the overall growth of the transcatheter embolization and occlusion devices industry.
The advent of new policies and regulations by the government and FDA organization that helps in the betterment of the medical facilities are presenting favorable conditions for the growth of the transcatheter embolization and occlusion devices industry during the forecast period. Moreover, surgeons consider the occlusion techniques efficient in treating cancer in the liver, kidneys, breasts, and pancreatic. The increasing prevalence of cancer and development in oncology treatment is presenting lucrative opportunities for the overall growth of the transcatheter embolization and occlusion devices industry during the forecast period.
The cost involved in the development and maintenance of this equipment and the stringent regulations involved in the manufacturing and operation of this equipment are considered the key restraints of the transcatheter embolization and occlusion devices industry.
The significant morbidity rate of about 58% in the selective embolization method, other issues such as leakage of bile fluid, liver abscesses, and other factors are considered the major restraints of the transcatheter embolization and occlusion devices industry.
Lack of skilled professionals that can handle these processes efficiently and the error rate during the surgeries are considered the major challenge for the overall growth of the transcatheter embolization and occlusion devices industry.
The occurrence of lesions and increased morbidity rate and other complications such as side effects, generation of tumors after the surgeries are increasing. Such factors are considered the major challenge for the overall growth of the transcatheter embolization and occlusion devices industry.
The growth of the transcatheter embolization and occlusion devices industry is influenced by the efficient treatment offered while removing the blockage of the blood vessels or while treating the abnormal vascular vessels. The treatment is considered effective as it involves placing the embolic agents or synthetic materials onto the blood vessels and thereby blocking the blood flow, such factors will reduce the loss of blood during the surgeries and thereby reduce the rate of mortality.
The increasing number of chronic illnesses and coronary heart diseases across the globe, obesity conditions, and other risk factors are propelling the growth of the transcatheter embolization and occlusion devices industry. the presence of reimbursement policies related to medical procedures and increased adoption of advanced treatment across the globe are propelling the overall growth of the transcatheter embolization and occlusion devices industry.
The key benefits of the transcatheter embolization and occlusion devices such as enhanced efficiency, and the presence of varied products such as flow diverters, accessories, liquid embolic, embolization coils, and significant others that perform the specific tasks efficiently are considered as the major drivers of transcatheter embolization and occlusion devices industry. the advent of new equipment in the industry by the leading market players is also propelling the overall growth of the transcatheter embolization and occlusion devices industry.
For instance, in the year 2021, one of the leading market players, Jasper has introduced detachable coils that have gotten approval from the NMPA and are available for commercialization. This equipment was considered efficient in the medical industry, Moreover, the reimbursement policies are flowing in due to the favorable economic conditions and better healthcare infrastructure.
Based on type:
Flow Diverting Devices
Based on Application:
Venous Blood clot
Cerebral Arteriovenous Malformations
Benign Prostatic Hyperplasia/Urinary Retention
Currently, the Asia-pacific region is expected to grow at a higher rate due to the potential initiatives from the government and developing medical infrastructure across the region. China was spending over USD 590.62 billion in the year 2015 and the expenditure has been rapidly increasing in recent times. The medical tourism industry and other advanced technologies in the medical sector have stimulated the overall growth of the Transcatheter Embolization and Occlusion Devices industry.
On the other hand, North America is projecting higher market growth due to the presence of established market players, experienced health care professionals, and well-defined regulations. The rapid growth in the economic condition is expected to stimulate the growth of the transcatheter embolization and occlusion devices industry.
One of the leading market players, BTC plc had joined hands with Roxwood medical which is known for its excellent portfolio of advanced cardiovascular catheters. They have manufactured efficient catheters that have helped in the surgeries related to cardiovascular diseases and peripheral artery disease.
One of the leading market players, Boston had joined with apama medical Inc, which is a private organization that is known for its radiofrequency single-shot balloon catheter system that is efficient for the patients at the stage of atrial fibrillation. This atrial fibrillation is a condition in which the heart shivers and the condition might be fatal.
This report has covered:
|Market Size||USD 10.32 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Indication, End user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||bbott Laboratories, Medtronic plc, Boston Scientific Corporation, Stryker Corporation, Terumo Corporation, Pfizer Inc., DePuy Synthes, Cardinal Health, Cook Medical, Sirtex Medical Limited, and Merit Medical Systems.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
The transcatheter embolization and occlusion devices market is projected to grow at a 10.50% CAGR between 2022-2030.
The Americas is expected to lead the transcatheter embolization and occlusion devices market.
Different end users of the transcatheter embolization and occlusion devices market include ambulatory surgery centers, hospitals and clinics, and others.
Key competitors in the transcatheter embolization and occlusion devices market include Merit Medical Systems, Sirtex Medical Limited, Cook Medical, Cardinal Health, DePuy Synthes, Terumo Corporation, Pfizer Inc., Stryker Corporation, Boston Scientific Corporation, Medtronic plc, and Abbott Laboratories.
Strict regulatory framework and costlier products may limit market growth.